Crypto asset manager Bitwise is acquiring Superstate's USCC crypto carry fund, a $267 million vehicle that provides a direct entry into the market for tokenized investment products. The deal was announced this week.
The $267 Million Fund
USCC is a crypto carry fund managed by Superstate, a platform that specializes in tokenizing financial assets. The fund generates returns through carry trades in crypto markets — typically profiting from the difference between spot and futures prices. Its $267 million in assets under management will be folded into Bitwise's product lineup.
Why Bitwise Made the Move
For Bitwise, the acquisition marks a shift into tokenized products. The firm has long focused on crypto index funds and exchange-traded products. Adding a tokenized carry fund brings it into the world of on-chain asset management, where funds are issued and traded on blockchain rails. The move signals that Bitwise sees tokenized funds as a growth area.
Neither Bitwise nor Superstate disclosed the purchase price or specific closing timeline. The fund's investors will now become Bitwise clients. The acquisition positions Bitwise to compete in a segment that has drawn interest from both crypto-native and traditional asset managers.
Further details on the transition are expected in the coming days.
